Television host and market commentator Jim Cramer took a dig at cryptocurrencies on Tuesday, asking how long would the digital assets continue to trade in tandem with NASDAQ instead of the beleaguered Silvergate Capital Corp SI.
What Happened: Cramer took the dig on Twitter. He said, “How long will crypto continue to trade with the NASDAQ and not with Silvergate. The oblivious nirvana of crypto is always charming and quaint … until it isn’t.”
Cramer’s tweet was countered by multiple memes which gave the impression that cryptocurrencies would react in a contrarian manner to the CNBC host’s call.
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Why It Matters: Silvergate Bank discontinued its Silvergate Exchange Network, it was reported over the weekend.
The SEN allowed the bank’s institutional investors and digital currency clients to transfer U.S. dollars between their accounts and the accounts of other Silvergate clients.
“This is an interesting event for the crypto industry, as SI was the highest regulated and most transparent counter-party in the institutional trading market,” said KBW analyst Michael Perito, according to a prior report.
Price Action: Silvergate Capital Class A shares closed 3.7% lower at $5.21 in the regular session and fell 1.3% to $5.14 in the after-hours trading, according to data from Benzinga Pro.
Two of the largest cryptocurrencies — Bitcoin BTC/USD and Ethereum ETH/USD — traded 0.8% lower and 0.08% higher respectively over 24 hours at $22,248.51 and $1,565.73.
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Photo: Courtesy of Owen Byrne on flickr
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